[lbo-talk] AP: "Millions spend half of income on housing, " Dean Baker quoted

[John Thornton]

Bill O'Connor wrote:
> Doug Henwood <dhenwood at panix.com> writes:
>
>   
>> On Sep 23, 2008, at 3:01 PM, B. wrote:
>>
>>     
>>> I know from experience many apartments will not let you rent unless
>>> you can show you make at least 3 or 4 times the rent per month
>>>       
>> In NYC, they want an annual income of 40 times the monthly rent.
>>     
>
> *Nobody* has that much money.

Nobody?
If your monthly rent is $1700 they want to see an annual income of 
$68,000 or more.
I know that makes it hard for lots of working people but it's hardly a 
standard that "nobody" can meet.
Maybe you misread it as monthly income, rather than annual income, of 40 
times rent?
That would be a hell of a standard to meet.

John Thornton